Tom Udall: but i -- getcovered but it is the small businesses that are having most difficult i the the presiding officer: the senator from new mr. udall: madam president, i want to thank chairman dodd for his hard work on this legislation. he deserves a great deal of

Tom Udall: applause and congratulations for putting the issue on congress' agenda and for producing a very strong bill. nobody in this body or in this country needs to be told about the effect of subprime mortgages on america's families. we have seen the impact that

Tom Udall: unsustainable mortgage debt has the pain it has caused. but while mortgage debt grew by 200% over a quarter century, credit card debt grew by more than 350%. studies suggest that credit card debt plays an even larger role than mortgages in causing

Tom Udall: personal bankruptcies and the explosion in mortgage debt has a lot to do with credit cards. many americans took predatory mortgages because they needed a way out of the massive credit card debt. a mortgage might have done them in but their story started with a credit card. credit card debt is more than an economic issue.

Tom Udall: it's a families issue and a children's issue. the explosion in credit card debt has taken a toll on all americans. but children have been hit the hardest. in 2004, families with minor children were more than three times as likely to file for bankruptcy as their childless friends. and more children lived through

Tom Udall: their parent's bankrupcy than through their parent's divorce. children in bankrupt families lose the comfort of a stable home and lose the ability to go to college and might lose more. credit counselors report that families struggling with excessive debt are more likely

Tom Udall: to experience domestic abuse. the explosion in credit card debt in this country was not the result of reckless spending by american families. families spending on luxuries is roughly what it was 30 years ago. the face of debt in this country is not an irresponsible teenager but is a mother in over her head.

Tom Udall: nor is our debt problem simply a matter of supply and demand. suddenly decided they like high fees, harsh penalties and skyrocketing interest rates. these expensive provisions are hidden in the fine print of card applications mailed to

Tom Udall: vulnerable card companies call "outreach." i call it "deception." the reforms we are considering today will not disrupt the system. they will stop credit card companies from providing credit.

Tom Udall: they will not stop credit card companies to provide credit. any company that helps consumers live within their means has nothing to fear. any company that wants to offer a service to american consumers has nothing to fear. but if you are planning to mislead consumers, this bill will stop you. if you're planning to lower

Tom Udall: rates and charge high ones, we will stop you. if you're planning to trick customers into paying fees and penalties, we will stop you. and if you're planning to profit from the misery of american families, we will stop you. frankly, it's about time.

Tom Udall: now, before i close i want to quickly address an amendment offered by the senior senator from colorado. the amendment requires that americans requesting their credit report credit score. for six years credit agencies is violated the intent of congress by failing to provide this information.

Tom Udall: legislation passed six years ago required them to provide one credit report each year for free. but these credit reports do not have to include the one piece of information that is crucial and easiest to understand: the customers' credit score.

Tom Udall: the mark udall amendment helps americans manage credit without burdening credit agencies or anyone else. it is a good idea. i support it. i encourage all my colleagues to support it. thank you, madam president. i yield the floor. mr. udall: i note the absence of a quorum.